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9/06/19
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An eight-unit multifamily building in Brentwood, a prime Los Angeles neighborhood, sold for $4.13 mil ($516k/unit). The property is located at 11747 Mayfield Ave, west of Barrington Ave and north of Wilshire Blvd.
John Swartz and Josh Kaplan of Transwestern Commercial Services represented the seller, a private investor, in the transaction.
“This sale shows that despite the shifting tides of statewide rent control and a second version of Proposition 10 already proposed for the November 2020 California ballot, there is still high demand for properties in A-plus neighborhoods,” said Swartz. “The surrounding amenities in Brentwood Village are major contributing factors to tenant attraction and retention as well as increased multifamily investor interest in this area.”
The Los Angeles apartment market remains healthy with historically low vacancy and strong rental rate growth. According to Moody’s REIS, average asking rents increased to $2,043 per month, a 5% year-over-year increase, while the total vacancy rate remained flat at 3.6% in second quarter 2019. Established and supply-constrained submarkets on the Westside such as Santa Monica, Brentwood, and Westwood continue to see some of the highest average apartment rents in Southern California due to their large growing employment clusters, including Silicon Beach, and high quality of life.
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